Quarterly Report • May 19, 2021
Quarterly Report
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INTERIM REPORT JANUARY 1 – MARCH 31, 2021
We are delivering our best ever first quarter. Our longterm strategy for managing the pandemic is working and we have taken our company to a new level.
A comparison with 2020 is less relevant. Instead, we focus our comparisons with 2019. During the first quarter, our revenue increased by 12 percent (currency adjusted) and our operating profit by 40 percent compared with 2019.
The pandemic has initiated significant changes to the strategies and organizations in major companies around the world, creating increased demand for our services. BTS is an even more attractive partner for our customers today, thanks to our head start in virtual services, our continued investments in product development and the fact that we retained all of our employees during the past year.
Our growth through complementing acquisitions continues. During the first quarter we acquired Bates Communications in Boston. The integration is creating positive synergies.
Many of our customers have indicated that demand for physical deliveries will return when travel restrictions and the limitations on meeting others are lifted, and that they will demand a combination of physical, virtual and digital solutions.
We believe that demand for digital solutions will increase and we are investing significantly more in product development for digital solutions in 2021. Our goal is to meet our customers' evolving needs and to increase our licensing revenue.
BTS's ambition is to exit the 2020 pandemic and recession as a stronger company in the long term and to achieve a level of profit higher than prior to the recession, as well as sustainably growing. Our goal is to have a larger and more profitable operation than before the pandemic – based on an expanded customer base, deeper customer relations, a stronger organization and increased revenue from virtual and digital solutions combined with physical deliveries.
The outlook for 2021 is favorable: we believe that earnings will be significantly higher than in 2020 and in line with earnings in 2019.
Stockholm, May 19, 2021
President and CEO of BTS Group AB (publ)
BTS's net sales for the first quarter amounted to MSEK 388 (372). Adjusted for changes in foreign exchange rates, total sales increased 17 percent.
Growth varied between the units: BTS Other markets 34 percent, BTS North America 28 percent, APG 2 percent and BTS Europe –16 percent (growth measured in local currency).
Operating profit (EBITA) increased by 244 percent in the first quarter to MSEK 42 (12). The operating margin (EBITA margin) was 10.7 (3.2) percent.
Operating profit (EBIT) increased by 435 percent in the first quarter to MSEK 34 (6). The operating margin (EBIT margin) was 8.8 percent (1.7). Operating profit (EBIT) for the first quarter was charged with MSEK 7.5 (5.7) for amortization of intangible assets attributable to acquisitions.
The Group's earnings before tax increased by 619 percent to MSEK 30 (4).
The Group's profitability was positively affected by improved profit in BTS Other markets and BTS North America, while weaker earnings in BTS Europe had a negative effect.
The market performed positively during the first quarter. The pandemic initiated significant changes to the strategies and organizations in many companies, creating increased demand for our services. Virtual delivers are now fully accepted as a replacement for physical deliveries.
REVENUE BY QUARTER
OPERATING PROFIT (EBITA) BY QUARTER
The effects of IFRS 16 are not included in the BTS Operating units reporting, which is why the effects are recognized as Group adjustments.
BTS North America consists of BTS's operations in the USA, excluding APG but including SwissVBS with its operations in Canada and Switzerland.
BTS Europe consists of operations in France, Germany, the Netherlands, the UK and Sweden.
BTS Other markets consists of operations in Argentina, Australia, Brazil, China, Costa Rica, India, Italy, Japan, Mexico, Singapore, South Africa, South Korea, Spain, Taiwan, Thailand and the United Arab Emirates.
APG consists of operations in Advantage Performance Group in the USA.
| MSEK | Jan–Mar 2021 |
Jan–Mar 2020 |
Apr–Mar 2020/21 |
Jan–Dec 2020 |
|---|---|---|---|---|
| BTS North America | 210 | 188 | 711 | 689 |
| BTS Europe | 70 | 86 | 299 | 316 |
| BTS Other markets | 84 | 70 | 377 | 363 |
| APG | 24 | 27 | 92 | 95 |
| Total | 388 | 372 | 1,480 | 1,464 |
| MSEK | Jan–Mar 2021 |
Jan–Mar 2020 |
Apr–Mar 2020/21 |
Jan–Dec 2020 |
|---|---|---|---|---|
| BTS North America | 29.4 | 13.1 | 65.0 | 48.8 |
| BTS Europe | 5.7 | 8.8 | 16.4 | 19.5 |
| BTS Other markets | 5.6 | –10.9 | 35.9 | 19.4 |
| APG | –0.4 | –0.4 | –2.9 | –2.9 |
| Total excl IFRS 16 | 40.3 | 10.6 | 114.5 | 84.8 |
| Effects of IFRS 16 | 1.3 | 1.5 | 5.3 | 5.5 |
| Total incl IFRS 16 | 41.6 | 12.1 | 119.8 | 90.3 |
Net sales for BTS's operations in North America amounted to MSEK 210 (188) in the first quarter. Adjusted for changes in foreign exchange rates, revenue grew by 28 percent. Operating profit (EBITA) amounted to MSEK 29 (13) in the first quarter. The operating margin (EBITA margin) was 14.0 (7.0) percent. Compared with the first quarter of 2019, net sales adjusted for changes in foreign exchange rates, increased by 28 percent and operating profit (EBITA) increased by 20 percent.
The market in North America has developed positively and BTS has been extremely successful with sales and deliveries of virtual services.
Net sales for BTS Europe amounted to MSEK 70 (86) in the first quarter. Adjusted for changes in foreign exchange rates, revenue decreased 16 percent. Operating profit (EBITA) amounted to MSEK 6 (9) in the first quarter. The operating margin (EBITA margin) was 8.1 (10.1) percent. Compared with the first quarter of 2019, net sales adjusted for changes in foreign exchange rates, decreased by 2 percent and operating profit (EBITA) increased by 48 percent.
The market in Europe has not shown a significant improvement as of yet, which is why BTS Europe did not perform as well as other regions.
Net sales for BTS Other markets amounted to MSEK 84 (70) in the first quarter. Adjusted for changes in foreign exchange rates, revenue grew by 34 percent. Operating profit (EBITA) amounted to MSEK 6 (–11) in the first quarter. The operating margin (EBITA margin) was 6.7 (–15.5) percent. Compared with the first quarter of 2019, net sales adjusted for changes in foreign exchange rates, decreased by 2 percent and operating profit (EBITA) increased by 492 percent.
BTS Other markets was hit the first and the hardest by the pandemic during the first quarter of 2020. The market has since had a positive development and BTS was successful in its sales and deliveries of virtual solutions.
Net sales for APG amounted to MSEK 24 (27) in the first quarter. Adjusted for changes in foreign exchange rates, revenue grew by 2 percent. Operating loss (EBITA) amounted to MSEK –0.4 (–0.4) in the first quarter. The operating margin (EBITA margin) was –1.7 percent (–1.5). Compared with the first quarter of 2019, net sales adjusted for changes in foreign exchange rates remained unchanged and operating profit (EBITA) decreased by 30 percent.
BTS's cash flow from operating activities amounted to MSEK 42 (67) in the first quarter.
Available cash and cash equivalents amounted to MSEK 602 (429) at the end of the period. The company's interest-bearing loans amounted to MSEK 399 (158) at the end of the period.
BTS's equity ratio was 38 percent (45) at the end of the period.
The company had no outstanding conversion loans at the balance sheet date.
On March 31, the number of employees at BTS was 868 (865).
The average number of employees for the first quarter was 851 (847).
The Parent Company's net sales amounted to MSEK 0.7 (1.1) and profit before tax totaled MSEK 3.2 (11.8). Cash and cash equivalents amounted to MSEK 6.0 (2.1).
BTS acquired Bates Communication, Inc. (Bates) on January 4, 2021, as previously communicated in a press release on the same date. The acquisition encompasses all operations including talent, technology, intellectual property, customer relations, brands and equipment.
Bates helps some of the top companies in the world to execute their strategies, primarily in the US, and the client portfolio has only a limited overlap with that of BTS. The acquisition creates the preconditions for the original operations of both companies to develop major synergies in the service offerings and customer bases.
The acquisition consisted of an initial consideration and an additional payment that will be paid out in 2023, provided the business meets specific targets 2020–2023 based on the entire measurement period.
| MSEK | |
|---|---|
| Tangible assets | 0.5 |
| Intangible assets | 16.3 |
| Receivables | 14.0 |
| Cash and cash equivalents | 5.4 |
| Current liabilities | –5.4 |
| Non-current liabilities | –8.8 |
| Identifiable assets | 22.0 |
| Goodwill | 65.3 |
| Total purchase price | 87.2 |
| Fair value of future share issue | –4.4 |
| Provision for conditional purchase price | –55.9 |
| Purchase price paid in cash | 26.9 |
Goodwill consists of expected future synergy effects in the form of an expanded product range and more services. Alongside synergy effects, the addition of qualified employees and future profitability components are included in the goodwill item.
As previously communicated, a number of strategic measures have been adopted to evolve operations to handle the effects of the pandemic. BTS is following the recommendations of the authorities. However, the health and well-being of our employees and customers has the highest priority for us, which is why in some cases we follow stricter rules than what the authorities recommend. The continued progression of the pandemic is difficult to predict, but the restrictions that have been implemented have had a significant effect on BTS's operations.
During the first quarter the Group has, to a very limited extent, benefited from local support measures which have reduced personnel costs by a total of MSEK 0.3. No employees were affected by any furloughs during the quarter.
The Group's material risks and uncertainties include market and business risks, operational risks and financial risks. Business and market risks may relate to greater customer exposure for specific sectors and companies as well as sensitivity to market conditions. Operational risks include dependence on individuals, skills supply and intellectual property as well as BTS meeting the stringent requirements of its clients. Financial risks mainly relate to foreign exchange rates and credit risks. The management of risks and uncertainties is described in the 2020 Annual Report.
The COVID-19 pandemic had a significant impact on the general market climate and global economy during the period. The pandemic negatively affected the Group's sales and earnings, an effect of severe restrictions regarding free movement in several countries where BTS has its operations. As a result, the demand for the company's services declined since many customers decided to postpone physical deliveries.
To minimize the risks of long-term negative consequences for BTS, Group Management and the Board are continuously analyzing and evaluating underlying trends and changes in the market. Action plans are drawn up based on these analyses with various measures to manage or mitigate risks.
In order to prepare the financial statements in conformity with IFRS, Corporate Management is required to make
estimates and assumptions that affect the application of accounting principles and the recognized amounts of assets, liabilities, revenue and costs. Estimates and assumptions are based on historical experience and a number of other factors that are regarded as reasonable under prevailing conditions. Actual outcomes can deviate from these estimates and assumptions. Estimates and assumptions are reviewed regularly.
This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting. The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as endorsed by the EU, RFR 1 Supplementary Accounting Rules for Groups, and the Swedish Annual Accounts Act. The Parent Company's statements have been prepared in accordance with RFR 2 Accounting for Legal Entities and the Annual Accounts Act.
| Interim report Jan–Jun 2021 | August 18, 2021 |
|---|---|
| Interim report Jan–Sep 2021 | November 10, 2021 |
| Year-end report | February 23, 2022 |
Stockholm, May 19, 2021
Henrik Ekelund President and CEO
| Henrik Ekelund CEO | Tel: +46 8 587 070 00 | |
|---|---|---|
| Stefan Brown | CFO | Tel: +46 8 587 070 62 |
| Michael Wallin Head of Investor | Tel: +46 8 587 070 02 | |
| Relations | Mobile: +46 70 878 80 19 |
For further information, visit www.bts.com
BTS Group AB (publ) Grevgatan 34 SE-114 53 Stockholm SWEDEN
Tel: +46 8 587 070 00 Company registration number: 556566-7119
BTS is a global professional services firm headquartered in Stockholm, Sweden. BTS has approximately 860 professionals in 33 offices located on six continents. We focus on the people side of strategy, working with leaders at all levels to help them make better decisions, convert those decisions to actions and deliver results. At our core, we believe people learn best by doing. For 35 years, we've been designing fun, powerful experiences™ that have a profound and lasting impact on people and their careers. We inspire new ways of thinking, build critical capabilities and unleash business success. It's strategy made personal.
We serve a wide range of client needs, including: Strategy execution, Leadership development programs, Assessment, Developing business acumen, Transforming sales organizations, Coaching, and Digital solutions, events and services.
We partner with nearly 450 organizations, including over 30 of the world's 100 largest global corporations. Our major clients are e.g.: ABB, Chevron, Coca-Cola, Ericsson, EY, HP, Mercado Libre, Salesforce.com, SAP, and Tencent.
BTS is a public company listed on the Nasdaq Stockholm exchange and trades under the symbol BTS B. For more information, please visit www.bts.com.
| Jan–Mar 2021 |
Jan–Mar 2020 |
Apr–Mar 2020/21 |
Jan–Dec 2020 |
|---|---|---|---|
| 388,221 | 372,177 | 1,480,200 | 1,464,155 |
| –330,909 | –1,308,726 | ||
| –15,728 | –16,405 | –64,446 | –65,123 |
| –7,501 | –5,724 | –27,477 | –25,700 |
| 34,084 | 6,365 | 92,325 | 64,607 |
| –3,877 | –2,058 | –15,726 | –13,907 |
| 45 | –98 | 496 | 353 |
| 30,252 | 4,209 | 77,095 | 51,053 |
| –9,378 | –1,250 | –23,954 | –15,826 |
| 20,874 | 2,959 | 53,141 | 35,226 |
| 20,874 | 2,959 | 53,141 | 35,226 |
| 1,08 | 0,15 | 2,75 | 1,82 |
| 19,318,292 | 19,318,292 | ||
| 19,318,292 | 19,318,292 | ||
| 1,08 | 0,15 | 2,75 | 1,82 |
| 19,318,292 | 19,318,292 | ||
| 1.201 | |||
| –343,683 –1,295,952 19,318,292 19,318,292 19,318,292 19,318,292 19,318,292 19,318,292 |
Proposed dividend.
| KSEK | Jan–Mar 2021 |
Jan–Mar 2020 |
Apr–Mar 2020/21 |
Jan–Dec 2020 |
|---|---|---|---|---|
| Profit for the period | 20,874 | 2,959 | 53,141 | 35,226 |
| Items that will not be reclassified to profit or loss | – | – | – | – |
| – | – | – | – | |
| Items that may be reclassified to profit or loss | ||||
| Translation differences in equity | 41,683 | 35,789 | –89,503 | –95,397 |
| Other comprehensive income for the period, net of tax | 41,683 | 35,789 | –89,503 | –95,397 |
| Total comprehensive income for the period | 62,557 | 38,748 | –36,362 | –60,171 |
| Attributable to the shareholders of the parent company | 62,557 | 38,748 | –36,362 | –60,171 |
| KSEK | 31 Mar 2021 |
31 Mar 2020 |
31 Dec 2020 |
|---|---|---|---|
| Assets | |||
| Goodwill | 648,220 | 627,219 | 548,759 |
| Other intangible assets | 90,485 | 99,749 | 75,219 |
| Tangible assets | 181,277 | 223,586 | 185,382 |
| Financial assets | 17,304 | 13,585 | 16,782 |
| Total non-current assets | 937,286 | 964,138 | 826,143 |
| Trade receivables | 284,117 | 392,526 | 408,549 |
| Other current assets | 186,092 | 181,359 | 134,224 |
| Cash and cash equivalents | 602,223 | 428,818 | 591,171 |
| Total current assets | 1,072,432 | 1,002,703 | 1,133,943 |
| TOTAL ASSETS | 2,009,718 | 1,966,840 | 1,960,087 |
| Equity and liabilities | |||
| Equity | 772,106 | 878,945 | 709,857 |
| Provisions | 85,592 | 173,316 | 27,841 |
| Non-current liabilities | 401,412 | 236,596 | 402,749 |
| Current liabilities | 750,609 | 677,983 | 819,639 |
| Total liabilities | 1,237,613 | 1,087,896 | 1,250,229 |
| TOTAL EQUITY AND LIABILITIES | 2,009,718 | 1,966,840 | 1,960,087 |
| KSEK | Jan–Mar 2021 |
Jan–Mar 2020 |
Jan–Dec 2020 |
|---|---|---|---|
| Cash flow before changes in working capital | 49,062 | 19,609 | 99,929 |
| Cash flow from changes in working capital | –7,335 | 47,115 | 142,177 |
| Cash flow from operating activities | 41,726 | 66,724 | 242,106 |
| Acquisition related | –28,908 | –30,604 | –125,718 |
| Other1 | –4,589 | –8,801 | –21,931 |
| Cash flow from investing activities | –33,496 | –39,405 | –147,649 |
| Dividend | – | – | –69,546 |
| New issue | – | – | – |
| Other | –23,007 | 72,583 | 282,572 |
| Cash flow from financing activities | –23,007 | 72,583 | 213,026 |
| Cash flow for the period | –14,777 | 99,903 | 307,484 |
| Cash and cash equivalents, opening balance | 591,171 | 316,388 | 316,388 |
| Translation differences in cash and cash equivalents | 25,829 | 12,527 | –32,701 |
| Cash and cash equivalents, closing balance | 602,223 | 428,818 | 591,171 |
Acquisition of assets.
| KSEK | 31 Mar 2021 |
31 Mar 2020 |
31 Dec 2020 |
|---|---|---|---|
| Opening balance | 709,857 | 839,678 | 839,678 |
| Dividend to shareholders | – | – | –69,546 |
| New issue | – | – | – |
| Other | –309 | 519 | –104 |
| Total comprehensive income for the period | 62,557 | 38,748 | –60,171 |
| Closing balance | 772,106 | 878,945 | 709,857 |
| KSEK | Jan–Mar 2021 |
Jan–Mar 2020 |
Apr–Mar 2020/21 |
Jan–Dec 2020 |
|---|---|---|---|---|
| Net sales | 735 | 1,095 | 3,000 | 3,360 |
| Operating expenses | 478 | –143 | –5,450 | –6,071 |
| Operating profit | 1,213 | 952 | –2,450 | –2,711 |
| Net financial items | 1,993 | 10,846 | 46,044 | 54,896 |
| Profit before tax | 3,206 | 11,797 | 43,593 | 52,184 |
| Estimated tax | – | – | –3,209 | –3,209 |
| Profit for the period | 3,206 | 11,797 | 40,384 | 48,975 |
| KSEK | 31 Mar 2021 |
31 Mar 2020 |
31 Dec 2020 |
|---|---|---|---|
| Assets | |||
| Financial assets | 332,098 | 303,761 | 301,460 |
| Other current assets | 152,209 | 115,787 | 143,070 |
| Cash and cash equivalents | 6,031 | 2,062 | 44,041 |
| Total assets | 490,338 | 421,610 | 488,571 |
| Equity and liabilities | |||
| Equity | 137,925 | 167,087 | 134,719 |
| Non-current liabilities | 181,061 | 40,000 | 187,247 |
| Current liabilities | 171,352 | 214,523 | 166,605 |
| Total equity and liabilities | 490,338 | 421,610 | 488,571 |
| KSEK | Jan–Mar 2021 |
Jan–Mar 2020 |
Apr–Mar 2020/21 |
Jan–Dec 2020 |
|---|---|---|---|---|
| Net sales | 388,221 | 372,177 | 1,480,200 | 1,464,155 |
| Operating profit (EBITA) | 41,585 | 12,089 | 119,802 | 90,306 |
| Operating margin (EBITA margin), % | 10.7 | 3.2 | 8.1 | 6.2 |
| Operating profit (EBIT) | 34,084 | 6,365 | 92,325 | 64,607 |
| Operating margin (EBIT margin), % | 8.8 | 1.7 | 6.2 | 4.4 |
| Profit margin, % | 5.4 | 0.8 | 3.6 | 2.4 |
| Operating capital1 | 569,221 | 522,988 | ||
| Return on operating capital, % | 17 | 12 | ||
| Return on equity, % | 7 | 5 | ||
| Equity ratio, at end of the period, % | 38 | 45 | 38 | 36 |
| Cash flow | –14,777 | 99,903 | 192,804 | 307,484 |
| Cash and cash equivalents, at end of the period | 602,223 | 428,818 | 602,223 | 591,171 |
| Average number of employees | 851 | 847 | 849 | 843 |
| Number of employees at end of the period | 868 | 865 | 868 | 821 |
| Revenues for the year per employee | 1,744 | 1,736 |
1 The calculation included the item of non-interest-bearing liabilities amounting to KSEK 838,274 (930,315).
| Jan–Mar MSEK 2021 |
Jan–Mar 2020 |
|||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BTS North America |
BTS Europe |
BTS Other markets |
APG | Total | BTS North America |
BTS Europe |
BTS Other markets |
APG | Total | |
| Programs | 100 | 44 | 63 | 22 | 229 | 71 | 48 | 46 | 24 | 189 |
| Development | 72 | 17 | 18 | 0 | 107 | 75 | 29 | 18 | 0 | 123 |
| Licenses | 38 | 8 | 3 | 2 | 51 | 35 | 4 | 2 | 3 | 44 |
| Other revenue | 0 | 0 | 1 | 0 | 1 | 8 | 5 | 4 | 0 | 17 |
| TOTAL | 210 | 70 | 84 | 24 | 388 | 188 | 86 | 70 | 27 | 372 |
Earnings attributable to the parent company's shareholders divided by number of shares before dilution.
Operating profit before interest, tax and amortization as a percentage of net sales.
Operating profit after depreciation as a percentage of net sales.
Profit for the period as a percentage of net sales.
Total balance sheet reduced by liquid funds and other interest-bearing assets and reduced by non-interest bearing liabilities.
Operating profit (EBIT) as a percentage of average operating capital.
Profit after tax as a percentage of average equity.
Equity as a percentage of total balance sheet.
Head Office Grevgatan 34 114 53 Stockholm SWEDEN Tel: +46 8 587 070 00
Reconquista 657 PB 3 CP1003 CABA. Buenos Aires Tel: +54 911 5795 5721
Australia Level 24, 570 Bourke Street Melbourne VIC 3000
Tel: +61 3 7001 1811
Level 6 10 Barrack Street Sydney NSW 2000 Tel: +61 02 8243 0900
Rua Geraldo Flausino Gomes, 85, cj 42 04575-060 São Paulo – SP Tel: +55 (11) 5505 2070
SwissVBS 460 Richmond Street W. Suite 700 Toronto, ON M5V 1Y1 Tel: +1 416 848 3744
1376 West Nanjing Road Suite 531, East Office Tower Shanghai Centre Shanghai 200040 Tel: +86 21 6289 8688
57 Rue de Seine 75006 Paris Tel: +33 1 40 15 07 43 Germany Ritterstraße 12 D-50668 Cologne Tel: +49 221 270 70 763
801, 8th Floor, DLH Park Near MTNL Staff quarters, S.V. Road, Goregaon (West). Mumbai - 400062 Maharashtra Tel: +91 22 6196 6800
10th Floor, Parinee Crescenzo, G block, Bandra Kurla Complex, Bandra East, Mumbai- 400051 Tel: +91 98 1993 4615
Corso Venezia 7 20121 Milan Tel: +39 02 6611 6364
BTS Design innovation Viale Abruzzi, 13 20131 Milan Tel: +39 02 69015719
TS Kojimachi Bldg. 3F 6-4-6 Kojimachi Chiyoda-ku Tokyo 102-0083 Tel: +81 (3) 6272 9973
Edificio Torre Moliere Calle Moliere 13 – PH Col Chapultepec Polanco C.P. 11560 México, D.F. Tel: +52 (55) 52 81 69 72
Barbara Strozzilaan 201 1083 HN Amsterdam Tel: + 31 (0)20 615 15 14
1 Finlayson Green Suite 16-01 Singapore 049246 Tel: +65 63043032
Spain Simon Bolivar 27-1, Office No. 4 Bilbao 48013 Tel: +34 94 423 5594
Calle José Abascal 55, piso 3ºDcha 28003 Madrid Tel: +34 91 417 5327
South Africa 267 West Avenue, 1st Floor Centurion 0046, Gauteng Tel: +27 12 663 6909
Wonseo Building Room 103, 1st Floor 13, Changdeokgung 1-gil Jongnogu Seoul 03058 Tel: +82 2 539 7676
SwissVBS Winkelriedstrasse 35 9000 St. Gallen Tel: +41 71 845 5936
7 F., No. 307, Dun-Hua, North Road Taipei 105 Tel: +886 2 8712 3665
128/27 Phyathai Plaza Building (4th Floor) Phyathai Rd. Kwaeng Thung Phyathai Khet Ratchathewi Bangkok 10400 Tel: +66 2 216 5974
1 Queen Caroline Street London W6 9YN Tel: +44 20 7368 4180
14th floor, Suite 1401, Reef Tower Cluster O, Jumeirah Lakes Towers Dubai Tel. +971 4 589 6143
200 South Wacker Drive Suite 850 Chicago, IL 60606 Tel: +1 312 509 4750
350 Fifth Avenue Suite 5020 New York, NY 10118 Tel: +1 646 378 3730
4742 N. 24th Street Suite 120 Phoenix, AZ 85016 Tel: +1 480 948 2777
222 Kearny Street Suite 1000 San Francisco, CA 94108 Tel: +1 415 362 4200
Rapid Learning Institute 435 Devon Park Drive, Bldg. 510, Wayne, PA 19087 Tel: (toll free) +1 877 792 2172
Bates Communications Inc. 40 Walnut Street Suite 302 Wellesley, MA 02481 Tel: +1 800 908 8239
100 Smith Ranch Road, Suite 306 San Rafael, CA 94903 USA Tel: +1 800 494 6646
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